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18.06.2014 12:05

Foreign exchange market. European session: the British pound traded lower against the U.S. dollar after the Bank of England’s June meeting minutes

Economic calendar (GMT0):

00:00    Australia              Conference Board Australia Leading Index  April      0.0%              -0.1%

00:30    Australia              Leading Index                                              April      -0.5%            +0.1%

08:30    United Kingdom  Bank of England Minutes

09:00    Switzerland         Credit Suisse ZEW Survey (Expectations)     June      7.4        10.0   4.8

11:15    United Kingdom  MPC Member Weale Speaks

The U.S. dollar traded mixed against the most major currencies ahead of the Fed’s interest decision today. Market participants expect the Fed will cut its monthly asset purchases by another $10 billion to $35 billion, but the Fed will keep its interest rate unchanged until 2015.

The U.S. currency was still supported by the yesterday’s better-than expected U.S. consumer inflation. The consumer price index in the U.S. rose 0.4% in May, exceeding expectations for a 0.2% gain, after a 0.3% increase in April.

The euro increased against the U.S. dollar in the absence of any major economic reports in the Eurozone.

The British pound traded lower against the U.S. dollar after the Bank of England’s June meeting minutes. The BoE’s monetary policy committee voted unanimously to leave interest rates unchanged at their record low of 0.5% and quantitative easing at £375bn.

The Bank of England policymakers were surprised that markets had not saw a higher chance of an interest rate hike in 2014. But there are still concerns over interest hike this year. The BoE said interest rise could reduce production capacity and it is difficult to revoke the decision.

The Swiss franc traded higher against the U.S. dollar. Credit Suisse ZEW indicator declined to 4.8 points in June from 7.4 in May, missing expectations for an increase to 10.0 points.

The Canadian dollar traded mixed against the U.S. dollar ahead of the wholesale sales in Canada. The wholesale sales in Canada should climb 0.3% in April, after a 0.4% decline in March.

EUR/USD: the currency pair increased to $1.3570

GBP/USD: the currency pair declined to $1.6931

USD/JPY: the currency pair fell to Y102.15

The most important news that are expected (GMT0):

12:30    Canada              Wholesale Sales, m/m                                     April         -0.4%   +0.3% 

12:30    U.S.                    Current account, bln                                       Quarter I    -81        -96           

17:30    United Kingdom  MPC Member Andy Haldane Speaks                                                  

18:00    U.S.                    FOMC Economic Projections                                                  

18:00    U.S.                    FOMC Statement                                                        

18:00    U.S.                    Fed Interest Rate Decision                                              0.25%   0.25%  

18:00    U.S.                    FOMC QE Decision                                                            45          35         

18:30    U.S.                    Federal Reserve Press Conference                                                    

22:45    New Zealand       GDP q/q                                                         Quarter I   +0.9%  +1.2% 

22:45    New Zealand       GDP y/y                                                         Quarter I  +3.1%  +3.7%

18.06.2014 12:00

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